In New York, divorce cases require couples to divide the marital estate according to the current state laws. The laws require the couple to divide all properties and assets accumulated during the marriage. A local attorney helps couples manage property division under Divorce Law Lynbrook NY.
The Marital Home
The marital home is a key asset in a divorce case. The assignment depends on how the property was acquired and which parent receives primary child custody. Couples who agree to the terms may choose to sell the property and split the proceeds.
Belongings in the Home
Typically, in a divorce agreement, each party leaves with their own personal belongings. However, any assets of value must be split between the two parties. This includes antique furnishings, artwork, jewelry that wasn’t a gift, and any other items of a higher value.
Monetary Assets Accumulated During the Marriage
Monetary assets include all bank accounts, savings, CDs, and retirement plans. Couples who have been married at least ten years may need to split pension plans and become entitled to life insurance benefits. Tax refunds, proceeds from stocks, and other monetary assets are also divided among the spouses. In some cases, temporary alimony or a one-time lump sum payment is made to eliminate an entitlement to long-term monetary benefits. For example, if a spouse is entitled to a portion of a pension plan, the receiving spouse could present a settlement instead of sending payments to the former spouse after retirement.
Automobiles and Other Real Property
Automobiles that are owned jointly are assigned to one spouse. Typically, if there are two automobiles, the vehicle used by each party becomes their property. If there are vacation homes, the real properties are divided among the spouses according to the market price, or the properties are sold and the proceeds are split.
In New York, divorce cases define the need to divide the marital estate. If the marital estate is extensive, the divorce agreement is itemized and includes all assets of value. Couples who need help creating an adequate divorce agreement under Divorce Law Lynbrook NY can contact Simon & Milner for a consultation or Browse website for further details about the law now.